Compliance & Regulation

The Federal Housing Administration is getting tougher on paying claims for defaulted loans where it believes lenders have cut corners on the underwriting.

After his criticism last month of Republican bills to unwind Fannie Mae and Freddie Mac, the regulator of the two government-sponsored enterprises made clear Wednesday he does not believe the latest round of bills is much better.

A legislative proposal to eliminate the $271,050 loan limit “floor” on Federal Housing Administration-insured loans ran into strong opposition at a congressional hearing Wednesday.

The New York Senate on Wednesday confirmed Benjamin Lawsky to be the state’s first superintendent of its new Department of Financial Services.

With their legislative sessions winding down for the year, 60% of all states have now acted to curb private transfer fees.

For weeks, Republicans have said their objections to the Consumer Financial Protection Bureau are substantive, and not based on worries about the agency's de facto leader, Elizabeth Warren. But at a House hearing Tuesday, GOP members launched a series of personal attacks on Warren, suggesting she was lying and sometimes interrupting her responses.

Carrington Mortgage Services and the Attorney General of Ohio have reached an agreement to work collaboratively in order to help struggling homeowners who are facing foreclosure.

GMAC Mortgage has deals in place with the 19 government agencies that are participating in a ‘Hardest Hit Fund’ to provide assistance to distressed mortgage borrowers.

The much-maligned Capital Purchase Program — better known as the bank bailout — is turning out to be a decent investment for the federal government.

California Attorney General Kamala Harris is creating a task force aimed at cracking down on mortgage fraud in the country's largest state, according to a report in the Los Angeles Times.